South Korea says it has been chosen to host a new U.N. climate fund that aims to channel $100 billion a year in aid to developing nations.

Seoul's Finance Ministry says the decision was made Saturday in a vote by the fund's 24-member board in Songdo, South Korea.

The Green Climate Fund is envisioned as the world's biggest financier for helping developing nations adapt to climate change and move toward low-carbon economic growth. It would draw and distribute $100 billion that rich nations have pledged annually by 2020.

Six nations — South Korea, Germany, Mexico, Namibia, Poland and Switzerland — vied to host the fund. Officials say the decision to pick South Korea is expected to be endorsed at the U.N. Climate Conference in Qatar later this year.